October 17, 2019 / 5:01 AM / a month ago

SE Asia Stocks-Markets tepid as trade optimism ebbs; Indonesia ticks up

    * Singapore non-oil domestic exports shrink for 7th month
    * Philippines retreats from near four-week high 
    * Indonesia set to post fifth straight session of gains

    By Sameer Manekar
    Oct 17 (Reuters) - Most Southeast Asian stock markets were
tepid on Thursday as hopes of a Sino-U.S. trade deal waned amid
a lack of concrete details, while the Indonesian index extended
gains ahead of President Joko Widodo's cabinet formation due
this weekend.    
    U.S. Treasury Secretary Steven Mnuchin said that U.S. and
Chinese negotiators were working on finalising a Phase 1 trade
deal for the Chinese and U.S. presidents to sign next month, but
said that there were no plans for another high-level meeting on
the trade deal outlined last week.
    "Even if a deal is signed, it remains uncertain if the
obligations can be fully met on both sides. This could lead to
further ups and downs in trade negotiations, and jeopardize the
limited agreement that has been reached," analysts at DBS said
in a note.
    The Indonesian index was poised to close firmer for
a fifth session, lifted by the consumer sector, with food
processor Indofood Sukses Makmur and Unilever
Indonesia Tbk PT rising 1% and 0.9%, respectively.
    Widodo is expected to be sworn in as the Indonesian
President on Oct. 20 after winning a second term in national
elections in April.
    "The fact that the finance minister Sri Mulyani Indrawati is
going to be sitting as the cabinet member has spurred positive
sentiment that President Joko Widodo will be engaged and focused
on economic reforms and growth," Taye Shim, head of research at
Mirae Asset Sekuritas said.
    Singapore stocks dropped after data showed that the
city-state's non-oil domestic exports shrank for a seventh
straight month in September, while their electronic shipments
continued to slide.
    Industrials and telecommunication sectors were the biggest
drags in the index, with Yangzijian Shipbuilding Holdings
 and Singapore Telecommunications shedding
2.1% and 0.3%, respectively. 
    The Philippine benchmark index retreated from a
nearly four-week high hit in the previous session. Industrials
and financials led declines in the local benchmark, with index
heavyweight Ayala Corp dropping 1.5%.
    The Vietnam index dipped 0.3%, while Thai stocks
 were trading flat. 
         
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SOUTHEAST ASIAN STOCK MARKETS 

 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3127.32  3134.71         -0.24
 Bangkok                1634.75  1634.46          0.02
 Manila                 7896.18  7915.3          -0.24
 Jakarta                6178.71  6169.592         0.15
 Kuala Lumpur           1573.69  1574.9          -0.08
 Ho Chi Minh            991.9    994.46          -0.26
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3127.32  3068.76         1.91
 Bangkok                1634.75  1563.88         4.53
 Manila                 7896.18  7,466.02        5.76
 Jakarta                6178.71  6,194.50        -0.25
 Kuala Lumpur           1573.69  1690.58         -6.91
 Ho Chi Minh            991.9    892.54          11.13
 
 (Reporting by Sameer Manekar in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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